UK-based money market funds saw a swell in inflows ahead of the tax year end on April 5, as rising rates boosted their appeal to retail investors.
Investment platforms, headed by market leaders Hargreaves Lansdown and Interactive Investor, said they had seen customers turn to money market funds in the first quarter of the year as yields increased.
Hargreaves reported a “huge increase” in net flows into money market funds in the first quarter, while Interactive Investor experienced a 300 per cent increase in the same period. Analysts said this was from a low base, but showed funds were coming back into play for some investors after years of near-zero interest rates.
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